GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 109 points or 0.51% at 21,470 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 dropped 460.35 points or 2.09% to settle at 21,571.95, while the BSE Sensex plunged by 1,628.01 points or 2.23% to 71,500.76.
“Nifty witnessed a significant decline driven by profit-taking following its record high of 22,124 in the previous trading session. Wednesday’s profit booking led the index to the 21-day Exponential Moving Average, a crucial short-term moving average. Sentiment could potentially deteriorate further if Nifty drops below 21,550, where the 21EMA is situated. On the downside, a breach of 21,550 may result in the index descending towards 21,350. Conversely, on the upside, resistance is observed at 21,650,” said Rupak De, Senior Technical Analyst, LKP Securities.
Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
Stocks to Watch on January 18, 2024
HDFC Bank
HDFC Bank’s American Depositary Receipts (ADRs) ended sharply lower for yet another session on the NYSE on January 17, after negative opinion by most analysts on the private sector lender’s weak set of numbers for the quarter ended December FY24. The ADRs closed at $55.59 apiece on the NYSE, down 9.14%. This indicates that the following day is also expected to be weak for the share price of the counter in Indian markets on January 18.
NHPC
The Indian government is set to divest up to 3.5% of its stake in NHPC through an offer for sale on January 18 and 19. The floor price for the offer has been fixed at Rs 66 per share, marking a discount of 9.6% to the current market price.
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Adani Enterprises
Adani Enterprises has entered into a Memorandum of Understanding (MoU) with the Maharashtra government for the establishment of a 1-gigawatt hyperscale data center. The ambitious project, valued at Rs 50,000 crore, is slated for development over the next decade, signaling Adani’s significant venture into the data infrastructure sector.
Nazara Tech
Nazara Tech announces its plan to raise up to Rs 250 crore through a preferential issue of shares at Rs 872.15 apiece. Additionally, the company has acquired a 10.77% stake in social influencer platform Kofluence Tech Pvt. for Rs 32.41 crore.
Shriram Finance
Shriram Finance successfully raised $750 million through a social bond from international bond markets.
Avenue Supermarket
Avenue Supermarket, the parent company of D-Mart, expands its footprint with the opening of two new stores in Tirupur (Tamil Nadu) and Sehore (Madhya Pradesh), bringing the total number of stores to 344.
Indiabulls Housing Finance
Indiabulls Housing Finance receives approval for raising up to Rs 5,000 crore through an equity issue.
Natco Pharma
Natco Pharma invests $2 million in the Delhi-based biotech startup Cellogen Therapeutics.
Honasa Consumer
Mamaearth, the flagship brand of Honasa Consumer Limited, celebrates the inauguration of its 100th Exclusive Brand Outlet at Mumbai’s R-City Mall, demonstrating the brand’s commitment to accessible product offerings and remarkable growth.
Zaggle Prepaid Ocean Services
Zaggle Prepaid Ocean Services secures a significant contract worth Rs 200 crore with Torrent Gas for implementing a close-loop fleet program.
Sundaram Finance
Sundaram Finance reveals exposure to alternate investment funds amounting to Rs 270.28 crore as of January 18.
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RailTel
RailTel Corp receives an order worth Rs 82.41 crore from South Central Railway in the Secunderabad Division.
LTI Mindtree
The company reported its consolidated Q3 FY24 results, revealing a 1.24% QoQ increase in revenue to Rs 9,016.6 crore compared to Rs 8,905.4 crore. However, the company experienced a 2.62% decline in EBIT, reaching Rs 1,385.9 crore from Rs 1,423.1 crore, resulting in a margin decrease from 15.98% to 15.37%. The net profit also saw a downturn, dropping by 17.21% to Rs 131.65 crore from Rs 159.03 crore in the previous quarter.
Happiest Minds
In its Q3 FY24 consolidated financial report, Happiest Minds recorded a 0.8% quarter-on-quarter growth in revenue, reaching Rs 409.9 crore compared to Rs 406.6 crore. However, the company experienced a 2.9% decline in EBIT, with figures dropping from Rs 68.1 crore to Rs 66.1 crore, falling short of the Bloomberg estimate of Rs 69 crore. The margin also saw a decrease from 16.74% to 16.12%. On a positive note, net profit exhibited a 1.9% increase, rising to Rs 59.6 crore from Rs 58.5 crore in the previous quarter.
ICICI Prudential Life Insurance
In Q3 FY24 on a consolidated basis, ICICI Prudential Life Insurance reported a robust 4.9% year-on-year increase in net premium income, reaching Rs 9,928.8 crore compared to Rs 9,464.5 crore. The net profit also demonstrated growth, rising by 2.4% to Rs 226.92 crore from Rs 221.56 crore. However, the Value of New Business (VNB) witnessed a decline of 29.4%, amounting to Rs 436 crore as opposed to Rs 618 crore, with the VNB margin contracting from 33.9% to 22.8% year-on-year. The Assets Under Management (AUM) experienced a notable uptick, reaching Rs 2.8 lakh crore, reflecting a 12% increase from the previous year.
Key Earnings In Focus Today
360 ONE WAM, Accelya Solutions India, Finolex Industries, Home First Finance, IndiaMART InterMESH, IndusInd Bank, Innova Captab, Jindal Stainless, Mastek, Metro Brands, Polycab India, Poonawalla Fincorp, Ramkrishna Forgings, Shoppers Stop, South Indian Bank, Supreme Petrochem, Sterling and Wilson Renewable Energy, Tata Communications.
